In an email dated 8 June 2018, seen by ifa, ASIC staffer Angela Friend noted to executive Tim Mullaly ifa’s article that Dover would shut down its AFSL. Her email read:
Hi, have you seen that IFA are reporting exclusively that Terry McMaster has written to his ARs [authorised representatives] advising them of the cancellation of the Dover AFSL? Not sure if anyone spoke to [editor] Aleks [Vickovich] today but we can expect follow up media calls soon.
In response, Mr Mullaly told Ms Friend on the next day that ASIC “could say something along the lines of”:
As part of an ongoing investigation commenced in 2017, ASIC served a notice of hearing on Dover that ASIC was minded to suspend or cancel Dover’s AFSL. As a result of this notice, Dover and Mr McMaster have advised that, amongst other things, Dover will cease providing financial services. At this stage, ASIC does not intend to comment further. ASIC’s investigation is continuing.
A couple of days after that, on 11 June, ASIC released a statement around Dover’s closure using wording almost identical to that in Mr Mullaly’s email.
Mr McMaster has denied ever intentionally shutting down Dover.
“Tim deliberately made misleading and deceptive public statements about the circumstances of Dover’s closure, to divert bad publicity from ASIC to Dover,” he said.
“And to help hide the fact that ASIC had been covertly conspiring to close Dover for more than two years. Tim Mullaly’s colleagues, senior executives, most of whom know he was lying, went along with him.”
More to come.
Then the class action can get under way
It can’t be long now before the Federal Court hands down its decision on Dover and Terry McMaster. Get ready to celebrate
Terry in Federal Court trying to everyone is wrong and he is right.
Terry hasn’t got long to wait before he fronts the Federal Court. 12/13 will be the days. Seats will be going fast. Cameras will be ready
It will be all over soon for Terry. 11/12 June is not far away
I smell s very big class action forming re Dover and McMaster. Hiding assets won’t save him.
Terry knew more than 2 years ago that Dover would be shut down. Why did he not informed the financial adviser of the situation. He just wanted to keep taking their money. Greedy Terry.
McMaster pleased guilty in the Supreme court. How is he still a lawyer? Something isn’t right here.
Please note Terry has never apologize to anyone for wreaking their businesses. Only wants there money
Terry Pleading guilty in the Supreme Court one wonders how is still a solicitor and an accountant
Can’t wait to the ATO start after Terry. It won’t be long. They will be going over all McMaster clients account thanks to Terry.
ASIC financial services enforcement officer James McAllister_Harris is looking forward to meeting Terry on 11/12 June. Can’t wait.
[quote=Anonymous][quote=Mr Charrington]Good to see Terry posting on here. I hope he doesn’t faint under pressure again.[/quote]
Just an observation, but to all of those negative comments, you realize you’re actually validating to ASICs behavior? You know you could be next don’t you? Wake up everyone, they love going after the smaller players. Don’t be so naïve. [/quote][quote=Anonymous][quote=Mr Charrington]Good to see Terry posting on here. I hope he doesn’t faint under pressure again.[/quote]
Just an observation, but to all of those negative comments, you realize you’re actually validating to ASICs behavior? You know you could be next don’t you? Wake up everyone, they love going after the smaller players. Don’t be so naïve. [/quote]
I see lots of people leaving negative comments. I hope enough advisors band together to approach Maurice Blackburn for some retribution. Just appalling treatment of advisors who built their businesses around Dover. The incompetence of him is off the scale.
11/12 June will be interesting days for Terry. Won’t be able to hide behind his keyboards any more
Terry is worried about what everyone else doing wrong but can’t look at himself
Come off it boys. Old Tezza’s gunna get thumped. He’s always feinting. James Shipton’s “Fairness Imperative” and Daniel Crennan’s war on misleading and deceptive conduct is just marketing malarkey. It sounds good for the punters. Get’s pictures in the papers.
We all know its bullshit. Jimmy and Danny never apply the same tests to their team mates as they apply to us financial planning blokes and sheilas (gotta say sheilas coz I don’t want to leave the girls out again and some of them do read industry stuff even is is no New Idea). What would happen if Jimmy and Danny did that? There be bloody no one left to regulates us Old Riskies and where would the punters be then?
[quote=Mr Charrington]Good to see Terry posting on here. I hope he doesn’t faint under pressure again.[/quote]
Just an observation, but to all of those negative comments, you realize you’re actually validating to ASICs behavior? You know you could be next don’t you? Wake up everyone, they love going after the smaller players. Don’t be so naïve.
[quote=Interested Spectator]If Terry is vindicated who pays the compensation?!?[/quote][quote=Interested Spectator]If Terry is vindicated who pays the compensation?!?[/quote]
If compensation is to be paid, it will be a hell of a lot of money. I assume there would also be a class action launched by the advisers. They deserve to be first in line for any kind of pay-out. I still can’t believe the way they were treated. Collateral damage in ASIC’s quest for a scalp. It all seems so obvious now, Dover was the perfect size to take down – leave the banks alone.
Who will pay for it? You, me and every other tax-payer! It won’t be coming out of Peter Kell’s pocket. He’s already sailed off into the sunset.
Judging by ASICs form over the past few years (bullying the smaller players), they will use every dirty trick in the book to fight this. I’ll be watching with interest.
Got to hand it to McMaster, he’s got a set of ‘cahunas’ taking them on.
Get behind him, who knows, he might even be able to cut them down a foot or two. It can only be good for the rest of us in the industry.
BRING BACK McMaster
If Terry is vindicated who pays the compensation?!?
One hundred percent correct
ASIC is rotten to the core. Sack them all and start again. Useless pricks!!
“Tim deliberately made misleading and deceptive public statements about the circumstances of Dover’s closure, to divert bad publicity from ASIC to Dover,” Is that not a reason to Ban Tim for at least 5 years from ASick??
The search continues for any client of Dover who lost money… If you find someone, please contact ASIC immediately. It will lend credibility to their forced shut-down of Dover.
Also…. You will make Peter, Tim and other high-profile ASIC executives very happy :). Yay ASIC!
[quote=The Truth]Can we call a spade a spade with Dover yet? A well know licencee of last resort for those sacked for misconduct elsewhere with shoddy back office controls. Who can blame ASIC for getting tough here. Pity they dont have the balls to take similar hard lines with the banks and AMP.[/quote][quote=The Truth]Can we call a spade a spade with Dover yet? A well know licencee of last resort for those sacked for misconduct elsewhere with shoddy back office controls. Who can blame ASIC for getting tough here. Pity they dont have the balls to take similar hard lines with the banks and AMP.[/quote]
Let’s look at last resort, shall we….Inteprac, Evermore Money (now gone), NEO (EU), Beacon Group (aka Income Opportunities Fund for me daughters wedding) and Boston Reed (the new Beacon Group)
[quote=Anonymous][b]Anon et. al.[/b] Do we really need to revisit the evidence given at the Royal Commission about plans checks and audits at Dover? Very tight back office controls indeed……[/quote][quote=Anonymous][b]Anon et. al.[/b] Do we really need to revisit the evidence given at the Royal Commission about plans checks and audits at Dover? Very tight back office controls indeed……[/quote]
unwilling to accept fact these people
[quote=anonymous][b]Anon et. al.[/b][b][/b] regarding some very impressive former dover AR’s. could you list a few for all to see. i’d like to see what constitutes (in your eyes) impressive [/quote][quote=anonymous][b]Anon et. al.[/b][b][/b] regarding some very impressive former dover AR’s. could you list a few for all to see. i’d like to see what constitutes (in your eyes) impressive [/quote]
there weren’t any
[b]Anon et. al.[/b] Do we really need to revisit the evidence given at the Royal Commission about plans checks and audits at Dover? Very tight back office controls indeed……
don’t think there were any “impressive” advisers at Dover.
HOW dare all you advisers who were not with Dover make all the comments below. I have been an adviser for 23 years and have seen it all, the banks, so called self licensed licensees and Dover, who stood out in the crowd of product flogging licensees. I did not join as a last resort but after very thorough due diligence. I agree, they were not perfect, but the most ethical and honest licensee I have ever worked under. Even my current one does not even get close in quality or compliance. This has been a witch hunt by ASIC for years. The truth will come out one day. Can’t wait to commence a class action against ASIC for all the damage they have caused to 407 advisers who lost their business and reputation for nothing. Bring it on Terry!
fainting under pressure is a trick. mastered by solicitors. terry is fit as running marathons. he couldn’t be bothered answering so many questions so he pretended to faint
[b]Anon et. al.[/b][b][/b] regarding some very impressive former dover AR’s. could you list a few for all to see. i’d like to see what constitutes (in your eyes) impressive
Good to see Terry posting on here. I hope he doesn’t faint under pressure again.
[b]The Truth,[/b][b][/b] with all respect, I don’t agree and wish to understand why you believe this is the case? As a former Dover AR, the back-office controls were VERY tight. All SOAs reviewed, updated if needed. There were some very impressive ARs in the network however, like EVERY dealer group, there are some average ARs who in time will move on with the new standards implemented. Just for some insight, the Dover issue last year was massively stressful with depression, loss of jobs, loss of businesses, marriage breakdowns which is just the tip of the iceberg. If it was to be closed down it should have been more measured and, why, wasn’t the same force applied to AMP? There are very FEW planners in that network who I have met that are “impressive”…
Can we call a spade a spade with Dover yet? A well know licencee of last resort for those sacked for misconduct elsewhere with shoddy back office controls. Who can blame ASIC for getting tough here. Pity they dont have the balls to take similar hard lines with the banks and AMP.
Independent inquiry required into this miscarriage of justice !
Terry thought leader? um no. no one sought his expertise, he however provided his thoughts to all and sundry free of charge.
I enjoyed his irreverence as i have a general disregard for dumb people in positions of authority who got there because all the smart one’s left to go somewhere else and then, they got promoted (ASIC)
but thought leader? absolutely NOT.
I also have a general disregard for lawyers, along with the other 7.69999 billion people in the world
ASIC is corrupt!
Getting popcorn, this is going to be interesting
ASIC handling and subsequent FPA handling have been appealing supporting ex Dover advisers who just did their job. A game well played by the major banks. One non-aligned licensee less.
ASIC appear to have done the country a great injustice. Terry was a thought leader and although many may not have agreed with his ideas – there has been no such thought leadership from those at ASIC. They just appear to be “on the bureacratic roundabout – steady jobs, crush any one at the bottom of the lifts at knock off time brigade”!!
One can imagine and understand Terry working away on the case against ASIC.
What needs to come to light is the real reason ASIC shut Dover down, lied about shutting them down and is still hiding about the real reasons.
I’d think we will find out more in court over next few years.
ASIC in bed with the Banks – oh never :- )
ASIC is corrupt. Those in charge especially over the last 7 years are guilty of all the heinous aspects that they accuse, prosecute and ban planners over; deceitful conduct and purposeful untruths for gain; non-disclosure of rewards (Macquarie Bank and other organisation paying them off in gifts, experience first class flights etc); fee for no service especially when you consider Kell and Madcraft orchestrated for that organisation to now levy planners while leaving the public service sector with a main goal of increasing their already inflated wages way above the generous governmental salary levels; conflicts of interest with their left leaning politicised agenda; and not acting in the clients’ best interests which not only are we their paying clients but also the general public who are clients of Dover advisers that have been affected by their actions. It is time that a royal commission is held into this rotten organisation to root out the culture that has spread like a cancer, primarily from the Rudd Gillard appointments made.
i miss terry. terry, are you making a come back or not. we wait with hushed anticipation
The plot thickens…